OU Strikes Deal to Buy 700 KSF Research Park from Foundation
- Sep 28, 2012
The University of Oklahoma is under contract to buy the Presbyterian Health Foundation’s 700,000-square-foot research park in Oklahoma City, NewsOK.com reports. Terms have not been disclosed, but the deal is likely to close in six to eight months, said Carl Edwards, chairman of the foundation’s board.
“This sale will advance the groundwork established by the Presbyterian Health Foundation to further medical research in Oklahoma to save and enhance human life,” Edwards remarked.
Situated just west of the University of Oklahoma’s Health Sciences Center, the research park “will continue to be one of Oklahoma’s major engines for economic growth and resource for learning, discovery and innovation in today’s knowledge-based, technologically driven, global society, commented David Boren, the university’s president.
Located at 655 Research Parkway, west of Lincoln Boulevard, the research park features biomedical research lab and office space, supported by state-of-the-art communications and infrastructure. Occupancy is nearly 90 percent, Edwards reported. The research park’s 36 tenants represent the life sciences, institutional, educational and government sectors.
Edwards explained that the sale will allow Presbyterian Health Foundation to resume its practice of awarding grants. PHF has provided about $100 million to health-related organizations. However, costs associated with the research park, combined with fallout from the recession, have forced the foundation to put its grant program on ice for the past several years.
“This transaction furthers the shared goal of OU and the Presbyterian Health Foundation to grow biomedical research in our state to benefit health care in Oklahoma and nationwide,” observed Dewayne Andrews, the Oklahoma University Health Sciences Center’s senior vice president and provost.
Photo Courtesy of: www.phfresearchpark.com